Text: HF02297 Text: HF02299 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code Supplement 1997, is amended
1 2 by adding the following new subsection:
1 3 NEW SUBSECTION. 35. Subtract fifty percent of the cost of
1 4 the construction of a storm shelter for residents of a mobile
1 5 home park, as defined in section 435.1. This deduction shall
1 6 only be taken in the tax year in which the storm shelter is
1 7 completed. The cost of the construction of the storm shelter
1 8 includes the total cost whether incurred in the tax year in
1 9 which the shelter is completed or in previous years. This
1 10 deduction is in addition to any other deduction allowed the
1 11 taxpayer for the cost of the construction of a storm shelter
1 12 for residents of a mobile home park.
1 13 For purposes of this subsection, "storm shelter" means an
1 14 underground structure built for providing shelter and safety
1 15 for residents of a mobile home park. "Storm shelter" does not
1 16 include a structure used for storing or parking automobiles or
1 17 other motor vehicles and does not include facilities used
1 18 primarily for storage.
1 19 A taxpayer who is a partner of a partnership, member of a
1 20 limited liability company, or a shareholder of a S
1 21 corporation, may deduct that portion of the construction costs
1 22 qualified under this subsection and paid by the partnership,
1 23 limited liability company, or S corporation based on the
1 24 taxpayer's pro rata share of the profits or losses from the
1 25 partnership, limited liability company, or S corporation.
1 26 Sec. 2. Section 422.35, Code Supplement 1997, is amended
1 27 by adding the following new subsection:
1 28 NEW SUBSECTION. 18. Subtract fifty percent of the cost of
1 29 the construction of a storm shelter for residents of a mobile
1 30 home park, as defined in section 435.1. This deduction shall
1 31 only be taken in the tax year in which the storm shelter is
1 32 completed. The cost of the construction of the storm shelter
1 33 includes the total cost whether incurred in the tax year in
1 34 which the shelter is completed or in previous years. This
1 35 deduction is in addition to any other deduction allowed the
2 1 taxpayer for the cost of the construction of a storm shelter
2 2 for residents of a mobile home park.
2 3 For purposes of this subsection, "storm shelter" means an
2 4 underground structure built for providing shelter and safety
2 5 for residents of a mobile home park. "Storm shelter" does not
2 6 include a structure used for storing or parking automobiles or
2 7 other motor vehicles and does not include facilities used
2 8 primarily for storage.
2 9 Sec. 3. This Act, being deemed of immediate importance,
2 10 takes effect upon enactment and applies retroactively to
2 11 January 1, 1998, for tax years beginning on or after that
2 12 date.
2 13 EXPLANATION
2 14 The bill provides for individual and corporate income tax
2 15 purposes additional 50 percent deductions of the costs of the
2 16 construction of storm shelters for residents of mobile home
2 17 parks. The deduction is taken in the year the construction is
2 18 completed and includes the total cost of the construction even
2 19 if incurred in a previous year. A "storm shelter" is an
2 20 underground structure built for the residents' shelter and
2 21 safety and not for storing or parking motor vehicles or other
2 22 storage.
2 23 The bill takes effect upon enactment and applies
2 24 retroactively to January 1, 1998, for tax years beginning on
2 25 or after that date.
2 26 LSB 3445YH 77
2 27 mg/cf/24
Text: HF02297 Text: HF02299 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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